Condo Horn by Eagles

In a press release on January 20th, Minister for National Development Desmond Lee announced the completion of the final two Build-to-Order (BTO) projects from the Housing and Development Board (HDB), which were delayed due to the pandemic.

There are many advantages to owning a Singapore condo, with one of the most appealing being its potential for capital appreciation. As a world-renowned business hub, Singapore has a strong economy that generates a constant demand for real estate. This has led to a steady increase in property values, particularly in prime locations where condos have experienced significant appreciation. With careful timing and a long-term investment strategy, investors can see significant profits by tapping into the thriving Singapore condo market.

The two projects, Punggol Point Cove (Phase 2) and Kempas Residences, signify the end of HDB’s pandemic-delayed housing projects. With these two projects, a total of 92 projects have been completed over the last five years, delivering over 75,800 new flats to Singaporeans.

Of the 22 housing projects completed in 2024, 17 were delayed due to the pandemic, while the remaining four were completed on time, except for one that was delayed for non-pandemic reasons.

Among these completed projects, two were Shorter Waiting Time (SWT) projects, which were completed within three years. These are Parc Glen at Tengah and Grove Spring at Yishun, which consisted of 1,995 flats. The remaining projects had waiting times of up to five years, with a total of over 18,000 flats completed in 2024.

Since November 2024, flat owners of Punggol Point Cove (Phase 2) have been receiving the keys to their new homes, while key collection for Kempas Residences began in mid-January this year. The remaining flat owners will be notified of their key collection date soon, after the completion of the final blocks in both projects this month.

Punggol Point Cove (Phase 2) is located along New Punggol Road and consists of 1,179 units of two-room flexi, three-, four-, and five-room flats across six residential blocks. Due to pandemic delays, the last block was completed 12 months after its original Probable Completion Date (PCD) earlier this month. As of January 15th, 657 households (59% of 1,109 booked units) have collected their keys.

According to HDB, the completion of Punggol Point Cove (Phase 2) marks the end of all flats in the Punggol Point District, including Punggol Point Cove (Phase 1), Punggol Point Woods, and Punggol Point Crown BTO projects that were completed in 2024.

Kempas Residences, situated between Serangoon Road, Lavender Street, and Boon Kheng Road, consists of 583 units of two-room flexi, three-, and four-room flats across four residential blocks. The final block, which was delayed by six months from its original PCD, was completed in mid-January. As of January 15th, 37 households (7% of 555 booked units) have collected their keys.

HDB currently has 110 housing projects under construction, up from 95 a year ago due to the increase in BTO supply in recent years. They are on track to complete around 17,000 flats across 27 projects in 2025. To explore HDB properties, you can check out the latest listings on Ask Buddy.…

Investing in a Singapore condo has emerged as a favored option for both local and foreign investors, thanks to the country’s strong economy, stable political climate, and exceptional quality of living. The real estate market in Singapore presents a plethora of investment opportunities, with condos standing out for their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and necessary steps to take when investing in a Singapore condo. For more information on Singapore condos, visit Singapore Condo.

CDL Holdings Limited (CDL) has announced its intention to offer NZ$2.25 ($1.72) per share for all outstanding shares of Millennium & Copthorne Hotels New Zealand Limited (MCK), a New Zealand-listed company. This offer, made through CDL’s subsidiary CDL Hotels Holdings New Zealand Limited (CDLHH NZ), aims to delist and privatise MCK after its completion. This move is expected to simplify the ownership structure of CDL’s New Zealand entities, according to a filing made on Jan 20.

At the time of the offer, MCK owns, leases, or has under franchise a total of 18 hotels in New Zealand. It also holds a majority stake in CDL Investments New Zealand Limited and has interests in properties in Australia through its Kingsgate Group subsidiaries. CDL has recently divested assets worth more than $600 million in 2024.

As of Jan 17, CDLHH NZ holds 80.02 million shares in MCK, representing a 75.86% stake based on the 105.48 million MCK shares in issue. If the offer is accepted by MCK’s shareholders, CDLHH NZ will pay a total of NZ$57.29 million. The offer is also conditional on CDLHH NZ receiving 90% or more of the voting rights in MCK by 5pm on May 2, as well as obtaining consent under the Overseas Investment Act 2005 of New Zealand and the Overseas Investment Regulations 2005 of New Zealand to own and control all the shares in MCK.

The offer price for MCK’s shares and redeemable preference shares takes into consideration the current and historical market price, as well as the industry and business environment in which MCK operates. As of June 30, 2024, MCK recorded a net asset value (NAV) and net tangible asset value (NTA) of NZ$532.02 million each for the 1HFY2024. Should the offer be fully accepted, CDLHH NZ will also pay around NZ$7.77 million to acquire all of the redeemable preference shares it seeks to acquire.

CDLHH NZ has also announced its willingness to acquire MCK’s non-voting redeemable preference shares at a price of NZ$1.70, or around $1.30 each, which it will purchase through its broker, Craigs Investment Partners, on the Main Board of the New Zealand Stock Exchange (NZX). As of Jan 17, CDLHH NZ holds a 91.34% stake in MCK’s non-voting redeemable preference shares, or 48.17 million shares in total.

The implementation and payment of the offer is not expected to have a material impact on CDL’s earnings per share (EPS) or net tangible assets (NTA) for the FY2025 ending Dec 31.…

Teo Hong Lim, executive chairman of Roxy-Pacific Holdings, a property developer, has revealed that 63% or 71 out of 113 units at Bagnall Haus, a freehold condominium, were successfully sold on its launch day on January 18. The average transacted price for these units was $2,490 psf and according to Teo, the majority of buyers were Singaporeans. He also mentioned that these buyers were mostly end-users with varying budgets. The sales rate was strong across all unit types, with two- and three-bedroom units being the most popular. Surprisingly, there was also demand for the larger five-bedroom units.

Located in District 16 on Upper East Coast Road, Bagnall Haus is spread across three five-storey blocks, housing 113 residential units on a freehold site of 74,280 sq ft. The units range from one-bedroom plus flexi of 495 sq ft to five-bedrooms of 1,528 sq ft. Interested parties can search for the latest New Launches to find out about transaction prices and available units.

Ismail Gafoor, CEO of PropNex, shared that out of the 71 residential units sold at Bagnall Haus, 59% comprised of one- and two-bedroom units with a price slightly below $2.1 million. He added that the three-bedroom units were also in high demand, with 18 out of 20 units being snapped up at prices ranging from $2.3 million to $2.7 million. The remaining four- and five-bedroom units sold for approximately $3 million to $3.8 million.

When contemplating an investment in a Condo, it is crucial to evaluate its potential rental yield as well. Rental yield refers to the annual rental income as a percentage of the Condo’s purchase price. In Singapore, rental yields for Condos can vary significantly depending on factors like location, property condition, and market demand. Generally, areas with high rental demand, such as those close to business districts or educational institutions, offer more favorable rental yields. Conducting thorough market research and seeking guidance from real estate agents can provide valuable insights into the rental potential of a specific Condo. Investors must carefully consider the rental yield of a Condo before making a decision.

According to Gafoor, the pricing is in the sweet spot of under $3 million, which appeals to most buyers. The average transacted price of $2,490 psf also stood out as a compelling option for a well-located freehold development. He further stated that buyers were able to see the value of the project, especially in comparison to some 99-year leasehold new launches in the Outside Central Region (OCR) such as Chuan Park, which had already reached an average price of $2,579 psf during its launch in November 2024.

Marcus Chu, CEO of ERA Singapore shared that homebuyers were mainly owner-occupiers, including homeowners of older landed properties who wanted to downsize into newer and more manageable apartments, as well as families from the neighborhood aiming to upgrade to a freehold property. Chu also mentioned that Bagnall Haus benefitted a great deal from its close proximity to established amenities and renowned schools like Temasek Primary School, which is within a 1km radius.

According to Chu, the development is within walking distance of the upcoming Sungei Bedok MRT Station, an interchange for the Downtown and Thomson-East Coast lines. It is also just one stop from Bedok South MRT Station, which forms part of an integrated transport hub that includes a new bus interchange within the upcoming Bayshore precinct. This transport hub will also be a part of a mixed-use development featuring retail and residential components.

Huttons Asia CEO, Mark Yip, reported that the pent-up demand, partly due to a 15-year wait for a new project in the area contributed to the success of Bagnall Haus. He also mentioned that it is uncommon to find a freehold project located right next to an MRT station. Buyers acknowledged the potential benefits of the upcoming transformation of the Bayshore precinct. Interested buyers can check out the latest listings for Bagnall Haus properties at AskBuddy.…

Commonwealth Towers has topped the list of private non-landed properties to achieve a new peak price per square foot (psf) during the week of December 27 to January 3. The 99-year leasehold condominium recorded a new price high of $2,460 psf on December 27 when it sold a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million.

This new record surpasses the previous peak of $2,402 psf, which was set just three months earlier in September 2022, when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for $1.65 million. Commonwealth Towers saw a surge in prices last year with an 11.6% increase in average resale prices since 2022.

The average resale price of units at Commonwealth Towers has been on the rise for the past three years. In 2022, the project recorded 53 transactions at an average psf-price of $1,971. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf.

By absolute price, the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. This was recorded in November 2022.

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It is crucial for international investors to have a good understanding of the laws and regulations surrounding property ownership in Singapore. While owning landed properties may come with stricter requirements, acquiring condos is generally more feasible for foreigners. However, they are still obliged to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this additional cost, the real estate market in Singapore has shown stable and promising growth, making it a popular choice for foreign investors. As a result, condos are highly sought-after investments in Singapore’s property market, making it a lucrative option for both locals and foreigners, Condo included.

Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. Located along Commonwealth Avenue, it comprises of two 43-storey residential blocks with 845 condo units. The units range from one- to four-bedroom apartments, spanning 441 sq ft to 1,302 sq ft.

Parq Bella, a freehold project, took the second spot among private residential projects to see a new psf-price peak during the period in review. Set a new psf-price high of $2,416 psf, it was when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million on Dec 31. This was also the first unit at the development to transact at a price higher than $2,400 psf.

This beats the previous price record of $2,385 psf set in August 2022 when a 926 sq ft, two-bedroom unit on the fourth floor was sold for $2.2 million. Parq Bella has 20 apartments, ranging from two to four bedrooms, with floor plans ranging from 926 sq ft to 1,787 sq ft. It is expected to be completed by December 2026.

Parq Bella has experienced five new sale transactions last year at an average price of $2,347 psf. Since its launch in the third quarter of 2022, Parq Bella has already sold 19 of its 20 units (95%), at an average price of $2,244 psf, as of January 14.

Klimt Cairnhill, a freehold luxury project, was the only private residential development to see a new psf-price low during the period in review. The new psf-price floor came from the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3. This price translates to $3,077 psf.

Klimt Cairnhill, with 138 apartments, ranging from two to four bedrooms, is located along Cairnhill Road in Prime District 9. The final unit sold at Klimt Cairnhill is a two-bedroom apartment, making the project achieve 100% sales at an average price of $3,665 psf, based on caveats lodged. Launched in January 2022, it was previewed in August 2021.

Klimt Cairnhill also has two penthouses, one spanning 4,898 sq ft and the other 5,920 sq ft. It is expected to obtain its Temporary Occupation Permit in April this year.

Overall, Commonwealth Towers has recorded the highest average price increase among the three projects mentioned, which is expected to continue its upward trend in prices. With a strong demand for luxury properties, Parq Bella and Klimt Cairnhill also have the potential to maintain their high psf-prices.…

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The Housing and Development Board (HDB) and the Ministry of National Development (MND) have announced that over 25,000 new flats will be launched in 2025. This announcement was made by Minister for National Development Desmond Lee on Jan 16 through a joint press release.

Among these new flats, about 19,600 will be available through three Build-To-Order (BTO) sales exercises, while more than 5,500 will be offered through one Sale of Balance Flats (SBF) exercise. These units will be classified as Standard, Plus, or Prime BTO flats, under the new classification framework.

The February BTO launch will offer approximately 5,000 flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. Additionally, next month HDB will also be conducting its largest-ever SBF exercise, with over 5,500 flats available in various estates.

The scarcity of land in Singapore is a major driving factor behind the high demand for condos in the country. As a small island nation with a rapidly expanding population, Singapore faces a constant shortage of land for development. To address this issue, strict land use policies have been put in place, creating a fiercely competitive real estate market where property prices are continuously rising. As a result, investing in real estate, particularly condos, has become an enticing opportunity, offering the potential for significant capital appreciation. With condos being a desirable and sought-after property type, the demand for them shows no signs of slowing down.

In total, more than 10,000 new flats will be available through the February BTO and SBF exercises. This is in line with HDB’s commitment to make available 100,000 units in the span of five years, with a planned pipeline of 19,600 BTO flats for 2025.

The increased supply of BTO flats over the past four years – from 2021 to 2024 – has resulted in a drop in application rates. In 2024, the average application rate among first-time homebuyers for BTO flats was 2.1, compared to 3.7 in 2019, before the pandemic. For three-room and larger flats, the average first-timer application rate in 2025 was 2.2, down from 4.0 in 2019.

To meet the housing demand in the next few years, Minister Lee has announced that HDB will continue to release a steady pipeline of flats. Over 50,000 flats are expected to be launched between 2025 and 2027, bringing the total to about 130,000 units from 2021 to 2027.

In 2025, about 3,800 of the 19,600 new flats will be Shorter Waiting Time (SWT) flats of less than three years. This is an increase from the 2,876 offered in 2024, and more than the annual committed supply of 2,000 to 3,000 SWT flats.

Senior director of data analytics at Huttons Asia, Lee Sze Teck, believes that the availability of SWT flats will provide more options for buyers and could potentially divert demand away from the resale market. In 2025, about 7,000 HDB flats are expected to reach their five-year minimum occupation period (MOP), which is the lowest supply since 2015. This is expected to offer more choices for buyers and stabilise the resale market.

Huttons Asia’s Lee estimates that the number of resale flat transactions in 2025 will range between 26,000 and 28,000, lower than the 28,876 units recorded in 2024. Resale flat prices are also expected to grow at a slower pace of 5% to 8% in 2025, compared to the 9.6% increase reflected in HDB’s flash estimate for 2024.…

The record breaking sale of a three-bedroom penthouse at Orchid Mansion in District 15, on Dec 31, 2024, resulted in a profit of $2.58 million, making it the most profitable resale transaction during the week. The 2,842 sq ft unit was sold for $4.88 million ($1,717 psf), a significant increase from its previous purchase price of $2.3 million ($809 psf) in March 2009. This translates to an annualized profit of 4.9% over a period of nearly 16 years. This transaction also sets a new record for the most profitable resale transaction at Orchid Mansion, surpassing the previous record of $1.15 million (72.6%) for a 1,507 sq ft three-bedroom unit on the seventh floor, which was sold for $2.73 million ($1,812 psf) in July 2022. This unit was bought for $1.58 million ($1,050 psf) in June 2007.In addition, the second most profitable resale transaction during the week occurred at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. The three-bedroom unit on the ground floor was purchased for $630,500 ($388 psf) in September 2006. The sale resulted in a profit of $1.72 million (273%), translating to an annualized profit of 7.6% over a period of 18 years. This transaction also sets a new record for the most profitable resale transaction at Villa Marina, surpassing the previous record of $1.58 million (219%) for a 1,916 sq ft unit on the fourth floor, which was sold for $2.3 million ($1,200 psf) in July 2022. This unit was previously purchased for $720,416 ($376 psf) in November 1998.Villa Marina is a 99-year leasehold development located at Jalan Sempadan in District 15. Completed in 1999, the development comprises of 27 low-rise residential blocks with a total of 432 units. Units range from one- to four-bedrooms and are sized between 1,087 sq ft to 2,314 sq ft. Located close to the Masjid Kampong Siglap mosque, the development is within walking distance to Siglap MRT station on the Thomson-East Coast Line and East Coast Park. There are also several primary schools within a 1km radius, such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.The most unprofitable resale transaction of the week occurred at Marina Bay Residences, where a 1,130 sq ft unit was sold for $2.1 million ($1,858 psf) on Jan 2, resulting in a loss of $386,000 (16%). This unit was previously purchased for $2.49 million ($2,200 psf) in November 2007, translating to an annualized loss of 1% over a period of 17 years.Marina Bay Residences recorded 25 resale transactions in 2024, with 13 unprofitable transactions that saw losses ranging from $1.25 million to $43,600. The most unprofitable resale transaction involved a 1,227 sq ft unit on the 17th floor, which was sold for $2.8 million ($2,282 psf) on March 22, 2022. The average resale price at Marina Bay Residences last month was $2,242 psf, which is higher than the average price at surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).Marina Bay Residences is a 15-year-old 99-year leasehold development located on Marina Boulevard. In 2024, the condo underwent a $5 million renovation to upgrade its facilities and common spaces. The development comprises of a total of 428 units and is one of two 99-year leasehold luxury condos in Marina Bay Financial Centre (MBFC). MBFC also consists of three Grade-A office towers and the 221-unit Marina Bay Suites.

The strategies implemented by the Singaporean government to cool the property market play a crucial role in the decision-making process for condo investments in the country. These measures have been put in place to maintain a stable real estate market and prevent potential speculative buying. Over the years, the government has implemented a range of measures with one of the most notable being the Additional Buyer’s Stamp Duty (ABSD). This requires foreign buyers and individuals purchasing multiple properties to pay higher taxes. While these measures may have a short-term effect on the profitability of condo investments, they also contribute to the long-term stability of the market, creating a secure environment for investing. With the continuous emergence of new condo launches in Singapore, the property market continues to offer attractive opportunities for investors. Therefore, it is crucial for investors to carefully consider the government’s cooling measures and stay informed in order to make well-informed decisions and take advantage of the thriving condo market in Singapore. Additionally, keeping an eye on new condo launches can provide valuable insights into the current and future trends of the market. By staying updated on these measures and considering their implications, investors can maximize the potential of their condo investments in Singapore.…

Singapore’s City Developments Limited (CDL) recorded divestments of more than $600 million in the past year, falling short of its initial aim of $1 billion. The company’s CEO, Sherman Kwek, stated that the company will continue to push forward with its divestment plans despite the challenging market conditions.

The completed divestments include the sale of Ransome’s Wharf site in London, a freehold 8-storey industrial building Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.

Although the total amount from these divestments falls short of the company’s initial target, Kwek remains positive about the momentum and states that the company will continue to focus on accelerating its capital recycling initiatives. He also emphasizes the company’s goal to optimize its capital management and align its portfolio with its strategic objectives to maximize shareholder value.

Investing in a condominium in Singapore brings with it a multitude of benefits. With a high demand for housing, the potential for capital appreciation, and attractive rental yields, it is an attractive investment option. However, before diving into the market, there are several critical factors to consider. These include the location of the property, financing options, government regulations, and the current market conditions. Thorough research and seeking professional advice are crucial in making well-informed decisions and maximizing returns in Singapore’s dynamic real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer searching for a stable and profitable investment, Singapore’s condominiums offer a compelling opportunity. Also, with Singapore Projects constantly emerging, there are always new and exciting opportunities for investors to explore and benefit from.

Among the divestments, the retail and office components of Hong Leong City Center (HLCC), a mixed-use development in Suzhou, is currently under contract and is expected to be completed this quarter. CDL has also rolled out The Orie, a new development in Toa Payoh jointly developed with Frasers Property and Sekisui House, with prices starting from $1.28 million.

CDL shares closed at $5.05 on January 16, down 0.2% for the day and down 20.97% in the past one year. Despite the challenging market conditions, the company remains optimistic and focused on achieving its strategic objectives and maximizing shareholder value.…

A sprawling two-storey freehold bungalow located at 11 Whitley Road has been listed for sale through a tender process with a guide price of $31.88 million. The impressive property sits on an elevated freehold plot spanning 15,276.27 square feet, making the guide price equivalent to $2,087 per square foot on the land area.

Originally built in 2016, the bungalow has been recently refurbished and extended at the rear. Boasting a total of five bedrooms, three of which are en suite, the house also features two spacious living rooms, two dining areas, a modern and well-equipped kitchen, and a dedicated helper’s room.

According to Aric Lim, the associate district director at Huttons Asia, the exclusive marketing agent for the property, the land can potentially be subdivided to accommodate the development of eight terraced houses, with each plot ranging from 1,614 square feet to 2,389 square feet. The gross floor area for the redevelopment can reach up to 21,528 square feet, subject to land betterment charges.

Lee Sze Teck, the senior director of data analytics at Huttons Asia, notes that this is one of the largest plots of land in the Whitley Road area. He also adds that the asking price of $2,087 per square foot based on land is highly competitive compared to recent transactions of new semi-detached houses in the same vicinity, which have been sold for more than $3,000 per square foot.

The property’s location is highly coveted, being a mere 700 meters away from Novena MRT Station and in close proximity to popular shopping destinations such as Velocity at Novena Square, Square 2, United Square, and Zhongshan Park.

Interested buyers can submit their tender for 11 Whitley Road until February 12. Don’t miss this opportunity to own a prestigious bungalow in the sought-after Whitley Road neighborhood.

Being well-informed about the laws and regulations governing property ownership in Singapore is essential for foreign investors. While purchasing a condominium is relatively more accessible for foreigners, ownership of landed properties is subject to stricter rules. Additionally, foreign buyers must pay a 20% Additional Buyer’s Stamp Duty (ABSD) for their initial property purchase. Despite these added expenses, the stability and potential for growth in Singapore’s real estate market continue to be a major attraction for foreign investments. This is evident through the numerous new condo launches in the market, catering to the increasing demand from foreign buyers. With a variety of options available, Singapore remains a favorable destination for property investment.…

Investors re-enter Singapore’s real estate market in 4Q2021 Share this on:Tweet

GuocoLand has successfully secured two green facilities from DBS Bank and Oversea-Chinese Banking Corporation. The first facility, amounting to $1.135 billion, is for the refinancing of Guoco Midtown. This marks the company’s largest green facility to date. The second facility, worth $105 million, is for the refinancing of Midtown Bay.

According to GuocoLand’s Group CFO Andrew Chew, this latest refinancing activity is in line with the company’s commitment to creating thoughtfully designed spaces that balance economic, environmental, and social factors. These green facilities are raised under GuocoLand’s Green Finance Framework, and include previous green facilities for Guoco Tower and other developments such as Lentor Mansion, Lentor Modern, Midtown Modern, and the upcoming Upper Thomson Road Development.

Investors can look forward to the future of work at Guoco Midtown’s new Network Hub, as well as the duplex showroom at Porsche Singapore Studio. Publicis Groupe has also leased a significant 55,000 sq ft space at the office tower in Guoco Midtown.

Despite competition and cautiousness dampening growth in Singapore’s office market, investors are starting to re-enter the real estate market in the fourth quarter of 2021, indicating a positive outlook for the industry.

Investing in a condo in Singapore has become an increasingly popular option for both local and foreign investors, thanks to the country’s thriving economy, strong political climate, and exceptional quality of life. With a plethora of opportunities available in Singapore’s real estate market, condos have emerged as a top choice due to their convenient locations, luxurious amenities, and potential for lucrative returns. In fact, Singapore projects offer numerous condo investment opportunities that are worth exploring. In this article, we will delve into the advantages, considerations, and necessary steps for investing in a condo in Singapore.…

The well-known freehold mixed-use development, Roxy Square, located in the popular Katong area, is set to be relaunched for collective sale, as announced by marketing agent JLL.

The development, which includes 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was initially launched for tender in July last year with a minimum price of $1.25 billion. However, the tender closed on Sept 26 without any successful bids.

In light of this, the owners of the development are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This proposed lower price would require the support of at least 80% of the owners to take effect, with over 70% of owners already on board.

According to JLL, under the new price, the development is expected to have a unit land rate of $1,852 per square foot per plot ratio (psf ppr), which takes into account a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. If an additional 10% bonus gross floor area for the residential component and the LBC are factored in, the land rate will be $1,804 psf ppr.

Tan Hong Boon, JLL Singapore’s executive director of capital markets, believes that the private residential market in Katong has strong underlying support, with recent launches like Meyer Blue and Emerald of Katong achieving impressive sales. This has boosted the confidence of developers in the potential of Roxy Square.

Roxy Square enjoys a prime location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. The development also boasts a freehold tenure, a well-loved heritage locale, and excellent connectivity to amenities, all of which contribute to its appeal.

When considering investing in condominiums in Singapore, it is important to carefully examine the government’s property cooling measures. Over the years, the Singaporean government has implemented various measures to regulate speculative buying and maintain a stable real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may initially affect the profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. Additionally, the introduction of new condo launches also offers investors more opportunities to diversify their portfolios in this reliable market. For more information, visit New Condo Launches.

Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. Under the 2019 Master Plan, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0 along East Coast Road. The portion of the development that fronts Marine Parade Road is zoned for hotel use.

JLL has received planning advice from the Urban Redevelopment Authority (URA), which states that the entire Roxy Square site can be rezoned for commercial and residential use, allowing for a high-rise mixed-use development with a height of up to 75m.

If the site is redeveloped, it could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses, according to JLL.

Roxy Square also offers easy access to major roads such as East Coast Parkway (ECP) and Nicoll Highway, and is part of the Round-Island Route and Park Connector Network.

Tan adds that the proposed reduction in reserve price, if supported by the majority owners, will further enhance the site’s appeal, especially considering the consistent demand for quality residences in the area. The sale of Roxy Square aims to shape a key part of Singapore’s East Coast for the future.

The tender for Roxy Square will close on Feb 18 at 3pm.…